‘Unbelievable time’ in Beaufort’s housing market: Shortage of inventory, soaring prices
New single-family houses are under construction in Beaufort, but the city still faces a severe shortage — particularly units that middle-income workers can afford, according to a long-time real estate broker.
Pulte Homes, a national builder, has opened two designer-decorated model homes in Salem Bay, a new community offering marshland views and some home sites with docks.
The development is located on Salem Farm Road, about 2 miles from downtown Beaufort.
At the 95-acre Salem Bay, 298 homes are planned, ranging in size from two to six bedrooms with two to five baths, all with two-car garages.
The housing development is one of two large subdivisions underway in Beaufort. The other is Camellia Banks by Logan Homes off Miller Drive East, where 50 homes are planned.
Mike McFee, a real estate broker who serves on the City Council, said housing inventory in the city is extremely low, calling the situation a “pretty unbelievable time actually.”
“In my 30 years in real estate,” McFee said, “I’ve never seen this kind of inventory shortage.”
The median price for a median-sized home in Beaufort increased to $256,000, up from $200,000 a year ago, McFee said.
The higher prices, McFee adds, are “really hurting our first-time home buyers and those who need “workforce housing.”
“There’s very little out there,” McFee said. “If you can get something in the $200,000 range now, that’s excellent.”
But $200,000 is not affordable for many residents based on the area’s median incomes, he added.
Salem Bay homebuyers can choose from nine single-family one- and two-story “modern open concept” designs beginning in the upper $300,000s.
The development’s perimeter will offer water access, with docks possible on some sites, Pulte Homes says. Amenities will include a swimming pool, pickleball courts and a community dock.
The two-story Rosella and single-level Prestige, the two decorated models, are considered new floor plans. Both start in the $400,000s.
Housing inventory is so low in Beaufort compared to demand, McFee says, that new listings now come with offer deadlines, and offers that are $10,000 to $15,000 above the list price are not uncommon.
Housing starts are down nationally, McFee said, caused by supply chain issues and other factors, which has inflated values and lowered inventory.
The Beaufort market has been active since the beginning of the COVID-19 pandemic, McFee said, when many people decided to exit larger urban areas for smaller towns where they can find a lower cost of living and better quality of life.
Now that supply chain issues are improving, builders are beginning to construct new homes, which should help alleviate demand, McFee said, but the question is whether residents in need of workforce housing will be able to afford the new houses coming on the market.
“The concept of workforce housing is almost non-existent in Beaufort now,” McFee said.
This story was originally published May 4, 2022 at 4:55 AM.
